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NEW YORK -- Speaking to investors at the annual BMO Capital Markets 2013 Farm to Market Conference here, Tyson Foods Inc. President and CEO Donnie Smith indicated that the company is preparing for an aggressive product launch schedule this year.
"We must continue to provide product innovation to drive traffic and sales for our customers," said Smith. "Keep in mind, we have all types of customers -- QSRs [quick-service restaurants], mid-scale restaurants, big-box retailers and club stores, small grocery chains, distributors, convenience stores, the military and schools. When they see weak consumer demand, operators are more interested than ever in our new product ideas and business-building opportunities."
Smith made it clear to the company's management team that he expects revenue growth of 3 percent to 4 percent every year and at least 10-percent annual EPS (earnings per share) growth over time. Tyson remains committed to achieving this goal.
"While being an efficient commodity protein producer is part of our business, it's not our ultimate goal and it's not where our growth will come from," explained Noel White, Tyson's senior group vice president of fresh meats. "Tyson is focused on innovation."
Springdale, Ark.-based Tyson Foods Inc. is one of the world's largest processors and marketers of chicken, beef and pork, and provides products and services to its customers throughout the United States and approximately 130 countries.
In April, the company sponsored the Convenience Store News 2013 Foodservice Summit, which brought together foodservice innovators and retailers in the convenience industry.